Income Tax Act 2007 section 149

Section 148: supplementary

Section 149 provides supplementary rules that support the operation of section 148, which deals with disposals of shares forming part of a mixed holding for the purposes of share loss relief.

• Where an individual elects for the alternative same-day share identification rule under section 105A of TCGA 1992 for capital gains tax purposes, that alternative rule also applies when determining share loss relief on a mixed holding that includes shares attracting business expansion scheme relief, EIS income tax relief or EIS deferral relief.
• Where a share capital reorganisation takes place and section 127 of TCGA 1992 applies (treating the reorganisation as not involving a disposal), the new shares received are treated for the purposes of section 148 as having been acquired at the same time as the original shares they replaced.
• Any shares held or disposed of by a nominee or bare trustee on behalf of an individual are treated as held or disposed of by that individual for the purposes of section 148.
• The terms "new holding" and "original shares" carry the same meaning as in section 127 of TCGA 1992, which governs the equation of original shares with the new holding following a reorganisation.